paying a solicitor for inheritance tax

I have a question which you may find interesting.
At some point in the next few years, I will have to pay UK inheritance tax on a UK residential property, probably in the neighbourhood of 50,000 pounds.
I am currently signed up with a trustworthy firm of solicitors who have been in the business for at least 30 years.
I would like to pay the solicitors the GBP 50,000 now, before the person dies. I have no use for the money (seriously) and it would simplify matters (for me) when the person dies if the lawyers had the money in their account.
Does this sound sensible? If I asked the lawyers to do this for me, would they be likely to agree?
Obviously I'm a little worried they could take the money and then deny doing so, but this firm we've known for many years and they are as trustworthy as any such firm can be.
Advice?
Reply to
invalid

Just the arrangement itself is going to need specialist advice. What you seem to want is for them to operate as trust for you. It may well be treated as a discretionary trust, although with current interest rates, it would probably only attract standard rate tax, although it would cost money to administer it.
If it just amounts to a bare trust, I don't see what advantage it gives to you over keeping it the bank.
You need to be absolutely sure that you won't need it in the meantime, otherwise there could be a question of deprivation of capital for means tested state benefits.
I'm guessing you have been given the property as a gift with reservation of interest, which is why it is not a PET, but the gifter hasn't got he funds to cover the tax and you don't want to sell it to cover the tax bill.
Reply to
David Woolley

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